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Marketable Securities
 6 Months Ended
Jun. 30, 2014
Marketable Securities [Abstract]  
Marketable Securities
Note 3 - Marketable Securities
 
The Company's investment in marketable securities as of December 31, 2013 and June 30, 2014 are classified as "held-to-maturity" and consist of the following:
 
 
  
 
    
Gross
    
Gross
    
 
  
 
  
 
    
unrealized
    
unrealized
    
 
  
 
  
Amortized
    
holding
    
holding
    
Aggregate
  
 
  
cost basis**
    
gains
    
(losses)
    
fair value*
  
 
  
US$ thousands
  
At December 31, 2013
  
 
    
 
    
 
    
 
  
Held to maturity:
  
 
    
 
    
 
    
 
  
Corporate debt securities and
  
 
    
 
    
 
    
 
  
 government debt securities
  
 
    
 
    
 
    
 
  
Current
     15,015       20       (76 )     14,959  
Non-Current
     24,617       69       (167 )     24,519  
 
                                
 
     39,632       89       (243 )     39,478  
 
                                
At June 30, 2014
                                
Held to maturity:
                                
Corporate debt securities
                                
Current
     15,272       7       (103 )     15,176  
Non-Current
     23,928       -       (250 )     23,678  
 
                                
 
     39,200       7       (353 )     38,854  
 
*
Fair value is being determined using quoted market prices in active markets (Level 1).
**
Including accrued interest in the amount of $391 thousands and $375 thousands as of December 31, 2013 and June 30, 2014 respectively.
 
The amortized cost, gross unrealized losses and fair value of the debt securities by major interest type, mostly fixed interest, were as follows:
 
 
  
December 31, 2013
  
 
  
 
    
Net unrealized
    
 
  
 
  
 
    
holding
    
 
  
 
  
Amortized cost
    
gains/(losses)
    
Fair value
  
 
  
US$ thousands
  
 
  
 
    
 
    
 
  
Up to 2%
     34,945       (217 )     34,728  
2.05% - 2.951%
     4,687       63       4,750  
 
     39,632       (154 )     39,478  
 
                        
 
  
June 30, 2014
  
 
          
Net unrealized
          
 
          
holding
          
 
  
Amortized cost
    
gains/(losses)
    
Fair value
  
 
  
US$ thousands
  
 
                        
Up to 2%
     35,073       (291 )     34,782  
2.05% - 2.951%
     4,127       (55 )     4,072  
 
     39,200       (346 )     38,854  
 
Activity in marketable securities in six month period ended in June 30, 2014:
 
  
US$ thousands
  
Balance at January 1, 2014
     39,632  
 
        
Purchases of marketable securities
     9,990  
Discount of marketable securities
     (422 )
Proceeds from maturity of marketable securities
     (10,000 )
Balance at June 30, 2014
     39,200  
 
The following table summarizes the gross unrealized losses on investment securities for which other-than-temporary impairments have not been recognized and the fair value of those securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2014:
 
 
  
Less than 12 months
    
12 months or more
    
Total
  
 
  
Unrealized Losses
    
Fair value
    
Unrealized Losses
    
Fair value
    
Unrealized Losses
    
Fair value
  
Held to maturity
 
  
 
    
 
    
 
    
 
    
 
    
 
  
Corporate debt securities
     (191 )     16,875       (162 )     17,223       (353 )     34,098  
 
The unrealized losses on the investments were caused by interest rate increases. The Company has the ability and intent to hold these investments until maturity and it is more likely than not that the Company will not be required to sell any of the securities before recovery; therefore these investments are not considered other than temporarily impaired.